According to BBC Sport, Beckham, 43, will become a part-owner alongside former Manchester United team-mates Gary and Phil Neville, Ryan Giggs, Paul Scholes and Nicky Butt, famously known as the ‘Class of 92’.
It means Beckham and his former teammates now own 60% of the club, with the remaining 40% being held by Singapore businessman Peter Lim.
However, the Football Association still needs to approve Beckham’s ownership before it is made official and Gary Neville said Beckham will attend a Salford game in the “next two or three weeks”.
“From the very beginning we wanted David to be involved and be with us on this incredible journey however circumstances and commitments didn’t allow that,” the club said in a statement.
“Now the time is right and it is another exciting time in Salford City’s history.”
“It is a really special club with a special group of people,” Beckham said.
“My early years in Manchester were all spent in Salford. I grew up there in many ways so to be able to finally join the lads and the club today is a great feeling.
“Salford City has achieved so much success in a short space of time, the fans are incredible and I’m really excited to be spending more time in Salford again.”
Beckham already owns American club Inter Miami, who will join Major League Soccer in 2020.
Salford are third in the fifth tier of English football and promotion this season would see them reach the Football League for the first time in their history.
The ‘Class of 92’ bought the club in 2014 and have overseen three promotions in four seasons, and redeveloped the ground.